Fayose, in his inaugural address immediately after his swearing-in, as governor of the state said
“I report to you that our state had been plunged into heavy debt dungeon of over forty nine billion Naira by own brothers and sisters as follows: bond (capital market) and agriculture loan, N21.2bn, other bank loans, N15.5bn, outstanding, salary (two month), N2.4bn, unpaid subventions to parastatals and tertiary institutions, N70m, 2014 leave bonus, N400m, unpaid pensions and gratuities, N3.2bn, unremitted withholding taxes and other deductions, N850m and indebtedness to contractors, N10bn, totaling N57.45bn.”
Fayose hinted that the state earns an average of N3.3billion monthly.
“Today, our state has been committed financially up and until year 2020, even beyond my own administration. The proportionate benefits of this huge debt to our people remain to be seen or felt by the ordinary man and woman in our state”, he added.
He however said he does not intend to join issues with the immediate past administration which was substantially responsible for this debt adding:
“I consider it expedient that this parlous position of our finances be made known to members of the public who gave us the mandate to be here. I therefore appeal to our people to show understanding at this period and be wary of their distractive tendencies, unfounded rumours and outright propaganda of falsehood, as the new government finds appropriate solutions to this immediate challenge.”
The new governor promised that he would study the objectives of the existing regional, political and economic groups in the South West and make his inputs and decisions as appropriate.
Fayose however promised that his government would encourage increase agricultural production towards ensuring food security for local consumption and export.